Founder of SkyBridge Capital Anthony Scaramucci credits a massive increase in industry campaign finance for sudden shift in legislative urgency as Senate Majority Leader Chuck Schumer It appears to be stepping up its efforts to pass a comprehensive crypto market structure bill called the CLARITY Act.
The sudden acceleration of the crypto market structure bill follows a closed-door meeting on Wednesday in which Schumer urged Senate Democrats to push the legislation “across the finish line.”
The urgency is directly related to an announcement by crypto PAC (Political Action Committee) Fairshake, which has raised a war chest of $193 million for the 2026 midterms.
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Scaramucci highlighted the correlation on X, noting simply, “Money talks.” With the PAC signaling it will aggressively target candidates in the upcoming election cycle, Schumer’s switch is seen as a strategic pivot to prevent a massive exodus of industry donors to Republican rivals.
Money talks https://t.co/9jrbzMvTqT
Despite Schumer’s push, the bill faces a significant “red line” drawn by pro-crypto Democrats.
The controversy centers on World Liberty Financial (CRYPTO: WLFI), a company majority owned by Donald Trump family, which reportedly sold a 49% stake to a UAE-backed firm for $500 million just days before the inauguration.
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While some Democrats have pushed for amendments to bar high-level officials from profiting from digital assets, the White House has signaled it is “highly unlikely to budge” on those clauses.
That internal friction complicates Schumer’s efforts to maintain a unified caucus while pursuing industry legislative goals.
Beyond the battle of political ethics, there remains a technical stalemate between banks and cryptocurrency exchanges. The Senate Banking Committee recently pulled the bill from its agenda because banks and credit unions fear a massive “deposit flight.”
At the heart of the dispute is whether stablecoin issuers like it Coinbase Global Inc. (NASDAQ:COIN) may offer rewards or returns.
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Banks warn that $6.6 trillion in deposits could leave traditional accounts for higher-yielding stablecoins, while Sen. Tim Scott (R-SC) argued that the debate is “apples and oranges,” framing it as a matter of healthy competition.
As Scaramucci suggested, while the technical details are being debated, $193 million in political capital is the force currently moving the needle.
Despite lawmakers’ efforts to regulate cryptocurrencies, Bitcoin (CRYPTO: BTC) has been on a downward spiral lately.
As of this writing, Bitcoin was trading 8.59% lower at $65,059.56 per coin. This was 48.45% lower than its record high of $126,198.07 set in October 2025.
Photo courtesy of Shutterstock
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This article Anthony Scaramucci Points to $193 Million War Chest as Catalyst for Chuck Schumer’s Crypto Push: ‘Money Talks’ originally appeared on Benzinga.com
